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Stocks B / Berkshire Hathaway


Subject:  Re: The Lesson Date:  6/30/2003  9:13 PM
Author:  PhoolishPhilip Number:  79127 of 235718

I have mentioned several times how important the reinvestment of the future cash flow is to the value of a business enterprise. Berkshire Hathaway is a case study ... Berkshire is not what it is today because See's and The News and National Indemnity grew like all get out. No, it got here because Buffett bought more and more wonderful companies with their free cash flow. That is the lesson from 1980 to 2002.

So the lesson is sell when the old man dies??? Based on this thesis, the future of BRK depends a lot on replacing the number one super investor with another super investor.

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